California Organized Investment Network (COIN) Is a Collaborative Effort Between the California Department of Insurance, the Insurance Industry, Community Affordable Housing and Economic Development Organizations, and Community Advocates.

The Investigation Division investigates suspected fraud committed by insurance agents, brokers, public adjusters, bail agents, insurance companies and other individuals and entities transacting the business of insurance who perpetrate fraud against consumers.

California Insurance Commissioner Dave Jones announced today his signing of a Memorandum of Understanding (MOU) with the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) in order to coordinate and heighten efforts aimed at rooting out fraud and protecting consumers and the insurance industry from criminal acts.

"I am pleased we can join with FinCEN in seeking to curb criminal activities that severely impact both consumers and insurers," Commissioner Jones said. "As we see on a regular basis, criminals will stop at nothing to gain the upper hand, but I am confident that this joint effort will do much to combat fraudulent activities."

The MOU, signed by FinCen's Director, Jim Freis, will allow for a more coordinated flow of critical information, between both agencies, that will go toward safeguarding both consumers and the insurance industry from illicit activities, including money laundering, fraud and other financial crimes.

"FinCEN has a solid record of working with State financial regulators, and California is a key partner for us" said Director Freis. "Our efforts with State insurance commissioners are intended to further build on the impressive results we have experienced and the mutual benefit we have received through our strong relationships at the State level."

The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $257 billion in premiums annually in California. In 2014 the California Department of Insurance received more than 175,000 calls from consumers and helped recover over $54 million in claims and premiums. Please visit the Department of Insurance web site at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.HELP or 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.